The Bitwise Hyperliquid ETF (BHYP) resumed accumulation of the HYPE token on September 4, purchasing $10.5M after a four-day pause in recorded buys. According to blockchain analytics platform Arkham, this was BHYP's largest purchase since the acquisition of $23.2M on August 27. Since the fund's launch in May, cumulative HYPE purchases through addresses linked to Bitwise have reached $166.3M, per Arkham data. The fund was listed on NYSE Arca in May and provides direct exposure to the Hyperliquid token without requiring investors to manage crypto wallets.
Bitwise created BHYP as a regulated financial instrument for institutional and retail investors seeking direct access to HYPE. The fund uses Anchorage Digital Bank as its custodian and plans to stake 70% of assets to earn rewards. According to ForkLog, based on 13F quarterly filings as of June 30, 30 institutional investors disclosed positions in three US-listed HYPE ETFs with a combined value of $74.9M. The largest holder was Brazilian firm Wealth High Governance Asset Management with a position of $23.9M. Other notable investors include – UBS with $7.5M, Bank of Montreal with $6.7M, and Jane Street with $4.4M. Funds from Bitwise, 21Shares, and Grayscale have attracted approximately $356.6M in combined flows since launch, with total assets under management reaching $480.9M. It is important to note that Arkham's figures represent a third-party estimate of on-chain activity rather than official fund flow data, as the platform tracks movements between labeled addresses that may reflect share creation, liquidity management, or settlement activity.
HYPE accumulation through BHYP occurs separately from Hyperliquid's built-in buyback mechanism, which uses trading fee revenue to purchase tokens via the protocol's assistance fund. According to Crypto.News, by the end of May Hyperliquid had spent over $1.16B in fee revenue on HYPE purchases through its automated buyback mechanism. Bitwise has also committed to using 10% of BHYP's management fees to buy and hold HYPE on the company's corporate balance sheet – these purchases are separate from the assets backing the fund's shares. All three sources of HYPE demand — ETF investor purchases, the protocol's built-in buybacks, and Bitwise's corporate purchases – operate in parallel. HYPE-related ETF products collectively surpassed $100M in combined flows within the first ten trading sessions after launch, demonstrating the growing role of regulated funds as a source of institutional demand for crypto assets.
***
This material is prepared for informational purposes only and does not constitute financial advice or a recommendation.